A handful of alternative investment firms wanted to buy Newsweek. But none will be the next owner of the struggling news weekly; instead, a 91-year-old audio equipment billionaire.

Sidney Harman, the founder of Harman Kardon, beat out New York hedge fund Avenue Capital Group for the magazine. He reportedly won’t pay much—the figure of $1 has been bandied about—instead agreeing to take on some $50 million in liabilities from the current owners, the Washington Post Co.

Avenue’s bid was reportedly derailed by its ties to the National Enquirer, the sensationalist tabloid. The hedge fund owns a stake in Enquirer publisher American Media, and had planned to turn Newsweek’s advertising and back-office functions over to AMI.

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